Greece has proposed a 10% capital gains tax on cryptocurrency profits, with an annual exemption of €500 (approximately $560), under draft legislation scheduled to reach parliament in November. According to the draft bill published for public consultation, the proposed tax would apply to gains from cryptocurrency investments exceeding the annual exemption. The government has not published an estimate of potential revenue generation, partly because many Greek cryptocurrency investors trade through platforms based outside the country. This represents a reduction from an earlier proposal that considered a 15% tax rate. The proposal concerns individual cryptocurrency capital gains, but the rate and exemption figures remain subject to public consultation and revision before enactment.
The proposal comes during the first reporting year of the European Union's Directive on Administrative Cooperation (DAC8), which took effect on January 1, 2026. Under DAC8, covered cryptocurrency service providers must collect information about customers and reportable transactions, including customer identities and certain transfers involving external wallets. The first reporting period covers transactions conducted during 2026, with information scheduled to be exchanged among participating tax authorities in September 2027. European countries currently apply different approaches to cryptocurrency taxation, with rates ranging from 8% to 30% generally on capital gains. The European Commission's DAC8 framework concerns reporting and information sharing, not harmonized tax rates across member states.
Greece currently operates without a comprehensive legal framework specifically governing the taxation of cryptocurrency profits. The proposed legislation would establish a stated tax rate and annual exemption for cryptocurrency capital gains, though the draft summary does not specify how losses would be deducted, whether transfers between wallets would be taxable, or how cryptocurrency transactions would be valued for tax purposes. Greek officials have acknowledged difficulties in measuring domestic cryptocurrency activity due to most investors using exchanges and trading platforms operating outside Greece. The mechanics of taxable transactions, gain calculations, and loss handling remain to be determined through the legislative process.
The Greek proposal positions Greece among the lower-rate European Union countries for cryptocurrency taxation. Germany, France, and Italy are setting or planning to set capital gains rates at over 25%, making Greece's proposed 10% rate relatively competitive. Countries are developing their tax treatments of cryptocurrency to replicate that of traditional assets like stocks, reflecting the increasing role of crypto in mainstream investment portfolios. The Greek proposal follows different approaches across European countries, with rates ranging from 8% to 30% generally on capital gains. However, the final terms may be revised before enactment, as the draft remains subject to public consultation and parliamentary consideration.
